Tax Installment Payment Plan (TIPP)

The Tax Installment Payment Plan (TIPP) allows property owners to pay taxes by automatic monthly debit from their bank account as opposed to annual payment. There is no charge to join the plan and you can enroll at any time throughout the year. Monthly payments are withdrawn from your account on the last business day of each month. Your bank may require additional processing time and may not show your account being adjusted until the first or second business day of the following month.

To enroll, complete an application form and provide a void cheque or pre-authorized form from your bank. Please note the payment is an estimate based on the previous year’s taxes until you receive the tax notice in May.

If your payment is returned from the bank, you have 15 days to make up the payment and remain on the plan. If this happens twice during a one-year period, you will be automatically removed from TIPP and any amount owing at that time will be due immediately and subject to penalties. If you need to make any changes to your personal or banking information, please contact finance@thorsby.ca.

Information for homeowners looking to enroll in TIPP

The month that you take possession of a new home will affect TIPP payments. For example, if you take possession of your new home in March, and your annual taxes are $3,000, you would have the following options:

Option 1
You divide your total annual taxes evenly by 12 months and make a lump sum payment for January and February.

Option 2
You divide your total annual taxes by 10 months.

Tax adjustment in May

Whether you are a new homeowner or already set up with the TIPP program, your monthly payment will be automatically adjusted every May to account for any change to the tax rate. Notification of your new withdrawal amount will be indicated on your tax notice.

Here’s how the math works: Total yearly taxes - payments made from January to April ÷ 8 (remaining months in the year) = the withdrawal amount from May to December.